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Bank of America 2Q19 Financial Results July 17, 2019

2Q19 Financial Results Summary Income Statement 2Q19 2Q18 % Inc / (Dec) ($B, except per share data) Total revenue, net of interest expense $23.1 $22.5 2 % Noninterest expense 13.3 13.2 0 Provision for credit losses 0.9 0.8 4 Pretax income 9.0 8.5 5 Income tax expense 1.6 1.7 (6) Net income $7.3 $6.8 8 Diluted earnings per share $0.74 $0.63 17 Average diluted common shares (in millions) 9,560 10,309 (7) Return Metrics and Efficiency Return on average assets 1.23 % 1.17 % 6 bps Return on average common shareholders' equity 11.6 10.8 82 1 Return on average tangible common shareholders' equity 16.2 15.2 104 Efficiency ratio 57 59 (117) Note: Amounts may not total due to rounding. 1 Represents a non-GAAP financial measure. For important presentation information, see slide 28. 2

2Q19 Highlights (Comparisons are to 2Q18) Earnings Returns and Efficiency • Diluted earnings per share of $0.74, up 17% • Return on average assets of 1.23% improved 6 bps • Record net income of $7.3B, up 8% • Return on average common shareholders’ equity of 11.62% increased 87 bps • Operating leverage of >200 bps – Total revenue up 2% to $23.1B • Return on average tangible common shareholders’ equity of 16.24% improved 109 bps 1 – Noninterest expense stable at $13.3B • Efficiency ratio of 57% improved 117 bps • Strong asset quality • Average diluted common shares down 7% to 9.6B Client Balances Capital and Liquidity • Average loans and leases in business segments grew 4% • $171B of Common Equity Tier 1 Capital (CET1) and CET1 ratio of 11.7% 3 – Consumer and commercial each up 4% • $552B of average Global Liquidity Sources 4 • Average deposits increased $75B, or 6% • Plan to return $37B of capital to common shareholders over • GWIM total client balances of $2.9T, up 5% next four quarters – Assets Under Management (AUM) of $1.2T included $24B ‒ 20% increase in quarterly dividend of AUM flows since 2Q18 ‒ More than $30B in gross share repurchases • Consumer investment assets of $220B increased 15% 2 • Book value per share increased 10% to $26.41 – $24B of client flows since 2Q18 1 Represents a non-GAAP financial measure. For important presentation information, see slide 28. 2 Consumer investment assets include client brokerage assets, certain deposit sweep balances and assets under management in Consumer Banking. 3 Regulatory capital ratios at June 30, 2019 are preliminary. The Company reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach for 2Q19. 3 4 See note A on slide 25 for definition of Global Liquidity Sources.

Record First Half Net Income Diluted Earnings per Share Net Income ($B) $1.6 +22% $1.45 $18 +17% CAGR $14.7 $1.25 CAGR $13.7 $1.2 $12 $0.89 $10.4 $8.5 $0.8 $0.66 $0.71 $7.9 +16% +7% $6 $0.4 $0.0 $0 1H15 1H16 1H17 1H18 1H19 1H15 1H16 1H17 1H18 1H19 Average Diluted Shares Outstanding (B) Operating Leverage 1 and Efficiency Ratio (4%) 22% 12 CAGR 11.3 11.1 10.9 11 10.4 7% 10 9.7 5% 5% 9 70% 66% 3% (7%) 62% 8 59% 57% 7 1H15 1H16 1H17 1H18 1H19 1H15 1H16 1H17 1H18 1H19 Operating Leverage Efficiency Ratio 1 Operating leverage calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 4

Delivered Positive Operating Leverage for 18 Consecutive Quarters Operating Leverage Trend 1 +22% +21% +29% +3% +8% +3% +5% +6% +8% +6% +4% +8% 2 +5% +4% +7% +7% 2 +4% +2% 7% 7% 7% 6% 4% 4% 3% 2% 2% 1% 1% 1% 1% 0% (1%) (0%) (2%) (1%) (1%) (1%) (1%) (1%) (2%) (2%) (2%) (3%) (3%) (4%) (5%) (5%) (4%) (7%) (25%) (10%) (29%) (31%) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 YoY revenue growth (decline) YoY expense growth (decline) Operating leverage Note: Amounts may not total due to rounding. 1 Operating leverage calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 2 Operating leverage calculated after adjusting 4Q17 revenue for the impact of the Tax Cuts and Jobs Act (Tax Act) is a non-GAAP financial measure. Reported revenue growth and operating leverage were 11% and 12% for 4Q18, and 2% and 3% for 4Q17. Reported revenue was $22.7B, $20.4B and $20.0B for 4Q18, 4Q17 and 4Q16, respectively. Excluding a 5 $0.9B noninterest income charge from enactment of the Tax Act, 4Q17 revenue was $21.4B. For important presentation information, see slide 28.

Consumer Banking Digital Usage Trends 1 Active Digital Banking Users (MM) Total Payments ($B) Person-to-Person Payments (Zelle) 4 YoY YoY 7.6MM Erica users 8.0MM users $800 $738 $786 +7% $678 37.3 +4% $637 75 69.0 $50 40 34.0 35.7 32.2 $600 354 +1% 351 $40 30 344 27.8 +10% 338 50 25.3 22.9 $400 $30 20 20.2 35.2 +12% $18 $20 $200 387 432 25 10 299 335 14.5 8.3 $10 $10 $5 0 $0 0 $3 $0 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 Digital banking users Mobile banking users Digital Non-Digital Transactions (MM) Volume ($B) 2, 3 Mobile Channel Usage YoY Digital Deposit Transactions Digital % of Total Sales 1,600 1,493 800 +8% 100% 30% 1,379 24% 25% 28% 24% 22% 80% 31% 25% 22% 1,200 1,061 600 583 +27% 20% 18% 942 60% 50% 460 54% 800 400 15% 61% 371 40% 76% 78% 67% 289 69% 72% 10% 400 200 20% 5% 46% 50% 33% 39% 0% 0% 0 0 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 Mobile Channel Usage (MM) Digital (Mobile/ATM) Financial Center Digital Appointments (000's) Mobile Desktop 1 Digital users represent mobile and/or online users. 2 Mobile channel usage represents the total number of mobile banking sessions. 3 Digital appointments represent the number of client-scheduled appointments made via online, smartphone or tablet. 6 4 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle users represent 90-day active users.

Global Banking Digital Update CashPro® Digital Banking Platform Leveraging same underlying technology as the retail bank to enable Anywhere, Anytime Execution CashPro® Online Users CashPro® Mobile CashPro® Mobile CashPro® Assistant across commercial, corporate app logins Payment Approvals and business banking clients 1 Utilizing AI, Predictive 1 Analytics and APIs to 1 $123B make it easier for 497K +165% up 103% YoY clients to analyze info (YoY, last 12 months) (last 12 months) Investing in Digital Technology to Develop Integrated Solutions for Our Clients Making Business Easier Faster, Cheaper, More Secure Anytime, Anywhere Automatically monitors CashPro® Mobile fraud Expanding access and capabilities Intelligent Receivables Internal Sales Tools Bringing AI to Receivables with award-winning CashPro® API solution Mobile Wallet Direct API connectivity Document Exchange For Commercial Card for expanded and real- time access and insights E-signature Mobile Token Digitized KYC Refreshes For Apple Watch Faster, easier with CashPro® Assistant Solving Client Leveraging Data and Improving Connectivity Pain Points Insights and Access 1 As of 2Q19. 7

Balance Sheet, Liquidity and Capital (EOP basis unless noted) 4 Balance Sheet ($B) 2Q19 1Q19 2Q18 Basel 3 Capital ($B) 2Q19 1Q19 2Q18 Total assets $2,395.9 $2,377.2 $2,291.7 Common equity tier 1 capital (CET1) $171.5 $169.2 $164.9 Total loans and leases 963.8 945.6 935.8 Standardized approach Total loans and leases in business segments 1 920.5 900.0 874.6 Risk-weighted assets $1,466 $1,455 $1,444 Total debt securities 446.1 440.7 438.3 CET1 ratio 11.7 % 11.6 % 11.4 % Advanced approaches Funding & Liquidity ($B) Risk-weighted assets $1,431 $1,423 $1,437 Total deposits $1,375.1 $1,379.3 $1,309.7 CET1 ratio 12.0 % 11.9 % 11.5 % Long-term debt 238.0 233.9 226.7 Supplementary leverage Global Liquidity Sources (average) 2 552 546 512 Supplementary leverage ratio (SLR) 6.8 % 6.8 % 6.7 % Equity ($B) Common shareholders' equity $246.7 $244.7 $241.0 Common equity ratio 10.3 % 10.3 % 10.5 % Tangible common shareholders' equity 3 $176.8 $174.8 $170.9 Tangible common equity ratio 3 7.6 % 7.6 % 7.7 % Per Share Data Book value per common share $26.41 $25.57 $24.07 Tangible book value per common share 3 18.92 18.26 17.07 Common shares outstanding (in billions) 9.34 9.57 10.01 1 Excludes loans and leases in All Other. 2 See note A on slide 25 for definition of Global Liquidity Sources. 3 Represents a non-GAAP financial measure. For important presentation information, see slide 28. 4 Regulatory capital metrics at June 30, 2019 are preliminary. The Company reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach for 2Q19. 8

Average Deposits Bank of America Ranked #1 in U.S. Deposit Market Share 1 Total Corporation ($B) Consumer Banking ($B) YoY YoY $1,500 $1,375 $1,257 $1,301 +6% $800 $707 +3% $1,213 $653 $688 $596 399 (7%) $600 203 437 428 178 192 $1,000 432 163 +6% $400 162 174 133 150 $500 976 +12% 781 820 873 $200 300 324 333 330 (1%) $0 $0 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 Interest-bearing Noninterest-bearing Money market, Savings, CD/IRA Interest checking Noninterest-bearing GWIM ($B) Global Banking ($B) $400 $300 YoY $363 YoY $255 $254 +7% $245 $236 $323 +12% 17 15 $299 $300 17 17 (11%) $300 $200 167 (18%) 203 $200 229 223 238 228 239 +9% $100 219 $100 196 +62% 120 70 77 $0 $0 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 Interest-bearing Noninterest-bearing Interest-bearing Noninterest-bearing Note: Amounts may not total due to rounding. Total corporation also includes Global Markets and All Other. 1 Based on June 30, 2018 FDIC deposit data. 9

Average Loans and Leases Total Loans and Leases ($B) Total Loans and Leases in All Other ($B) YoY $951 +2% $1,000 $900 $915 $935 $150 $112 $750 $100 10 $88 20 7 $63 $500 16 $45 $50 12 82 7 $250 65 51 38 $0 $0 2Q16 2Q17 2Q18 2Q19 2Q16 2Q17 2Q18 2Q19 Residential mortgage Home equity Other Loans and Leases in Business Segments ($B) Year-Over-Year Growth in Business Segments YoY $1,000 $872 $906 +4% 8% $788 $827 75 71 (6%) $750 70 70 6% 355 373 +5% 5% 334 345 5% $500 4% 7% 4% 161 166 +3% 6% 141 151 $250 2% 5% 4% 3% 4% 243 262 281 296 +6% $0 0% 2Q16 2Q17 2Q18 2Q19 2Q17 2Q18 2Q19 Consumer Banking GWIM Global Banking Global Markets Consumer loans Commercial loans Total in business segments Note: Amounts may not total due to rounding. 10

Net Interest Income 1 Net Interest Income (FTE, $B) • Net interest income of $12.2B ($12.3B FTE 1) $15 – Increased $0.4B from 2Q18, or 3%, reflecting the benefits $12.7 $12.5 $12.3 $12.0 $12.2 from higher short-term interest rates, as well as loan and deposit growth $10 – Decreased $0.2B from 1Q19 $11.8 $12.1 $12.5 $12.4 $12.2 $5 • Reflected lower short-term rates (impacting variable- rate assets and improving long-term debt costs), higher bond premium amortization expense driven by lower $0 long-term rates and higher funding costs in Global 2Q18 3Q18 4Q18 1Q19 2Q19 Markets Net interest income (GAAP) FTE adjustment • Partially offset by one additional interest accrual day • Net interest yield of 2.44% increased 3 bps from 2Q18 and decreased 7 bps from 1Q19 1 Net Interest Yield (FTE) 1 – Excluding Global Markets, the net interest yield was 2.98%, 3.5% up 4 bps from 2Q18 1 3.03% 3.03% Asset sensitivity position increased, primarily driven by lower 2.94% 2.95% 2.98% • 3.0% long-term rates 2.5% 2.52% 2.51% 2.41% 2.45% 2.44% 2.0% 2Q18 3Q18 4Q18 1Q19 2Q19 Reported net interest yield Net interest yield excl. GM Notes: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $811MM, $953MM, $935MM, $933MM and $968MM, and average earning assets of $474B, $472B, $458B, $459B and $490B for 2Q19, 1Q19, 4Q18, 3Q18 and 2Q18, respectively. The Company believes the presentation of net interest yield excluding Global 11 Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 28.

Expense and Efficiency Total Noninterest Expense ($B) • Noninterest expense of $13.3B increased modestly vs. 2Q18 $15 $13.2 $13.0 $13.1 $13.2 $13.3 – Reflects investments across the franchise, including higher marketing expense $10 5.3 5.3 5.3 5.0 5.3 – Partially offset by efficiency savings through operational excellence work, lower FDIC costs and lower amortization of intangibles $5 7.9 7.7 7.7 8.2 8.0 • Noninterest expense increased modestly from 1Q19, as higher initiative spend and marketing expense were partially offset by $0 the absence of seasonally elevated payroll tax costs 2Q18 3Q18 4Q18 1Q19 2Q19 – 2Q19 reflected increase in minimum wage to $17/hour; Compensation and benefits Other announced plans to move to $20/hour in 2021 • Efficiency ratio improved to 57% in 2Q19 vs. 2Q18 Efficiency Ratio 65% 60% 59% 55% 57% 58% 57% 57% 50% 2Q18 3Q18 4Q18 1Q19 2Q19 Note: Amounts may not total due to rounding. 12

Asset Quality 2Q19 included $118MM of recoveries from sales of 1 previously charged-off Net Charge-offs ($MM) non-core home equity loans • Total net charge-offs of $0.9B decreased $104MM from 1Q19 $1,200 1.0% $996 $991 – Consumer net charge-offs of $0.7B decreased $0.1B from $932 $924 $887 1Q19, driven primarily by recoveries of previously charged-off home equity loans that were sold in 2Q19 $800 0.5% – Commercial net charge-offs of $0.2B increased modestly 0.43% 0.40% 0.39% 0.43% from 1Q19 $400 0.38% • Net charge-off ratio of 38 bps decreased 5 bps from 1Q19 $0 0.0% – Loan sales positively impacted net charge-off ratio by 5 bps 2Q18 3Q18 4Q18 1Q19 2Q19 Provision expense of $0.9B decreased $0.2B from 1Q19 Net charge-offs Net charge-off ratio • – 2Q19 included a small reserve release of $30MM, compared to $22MM reserve build in 1Q19 Provision for Credit Losses ($MM) • Allowance for loan and lease losses of $9.5B represented 1.00% of total loans and leases 1 $1,200 $1,013 • Nonperforming loans (NPLs) of $4.2B decreased $0.7B from $905 $827 $857 1Q19, driven by loan sales and other improvements in Consumer $800 $716 and Commercial – 46% of consumer NPLs are contractually current $400 • Commercial reservable criticized utilized exposure of $11.8B was stable from 1Q19 and reservable criticized ratio remains near historic lows $0 2Q18 3Q18 4Q18 1Q19 2Q19 1 Excludes loans measured at fair value. 13

Asset Quality – Consumer and Commercial Portfolios Consumer Net Charge-offs ($MM) Consumer Metrics ($MM) 2Q19 1Q19 2Q18 2.0% Provision $640 $830 $757 $900 $830 $804 $835 $776 $691 Nonperforming loans and leases 3,027 3,578 4,639 1.5% $700 % of loans and leases 1 0.67 % 0.81 % 1.03 % $500 Consumer 30+ days performing past due $5,699 $6,030 $7,233 1.0% 2 $300 0.74% 0.77% Fully-insured 2,155 2,390 3,454 0.69% 0.71% 0.62% 0.5% Non fully-insured 3,544 3,640 3,779 $100 Allowance for loans and leases 4,689 4,756 5,140 ($100) 2Q18 3Q18 4Q18 1Q19 2Q19 0.0% 1 % of loans and leases 1.04 % 1.08 % 1.15 % Credit card Other Consumer NCO ratio # times annualized NCOs 1.69 x 1.40 x 1.54 x Commercial Net Charge-offs ($MM) Commercial Metrics ($MM) 2Q19 1Q19 2Q18 $196 $200 0.3% Provision $217 $183 $70 $166 $156 $156 Reservable criticized utilized exposure 11,834 11,821 12,357 $150 $120 0.2% Nonperforming loans and leases 1,160 1,272 1,258 0.16% 1 $100 % of loans and leases 0.23 % 0.26 % 0.26 % 0.14% 0.13% 0.13% 0.10% 0.1% Allowance for loans and leases $4,838 $4,821 $4,910 $50 % of loans and leases 1 0.95 % 0.97 % 1.02 % $0 0.0% 2Q18 3Q18 4Q18 1Q19 2Q19 C&I Small business and other Commercial NCO ratio 1 Excludes loans measured at fair value. 2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements. 14

Consumer Banking Inc / (Dec) Net income of $3.3B increased 13% from 2Q18; ROAAC of 36% Summary Income Statement ($MM) 2Q19 1Q19 2Q18 • Total revenue, net of interest expense $9,717 $85 $484 – 4% operating leverage and steady credit costs drove results Provision for credit losses 947 (27) 3 • Revenue of $9.7B increased $0.5B, or 5%, from 2Q18, driven Noninterest expense 4,407 51 40 primarily by NII due to growth in deposits and loans as well as Pretax income 4,363 61 441 higher short-term interest rates Income tax expense 1,069 15 69 • Provision was stable compared to 2Q18 Net income $3,294 $46 $372 • Noninterest expense increased 1% from 2Q18, driven by Key Indicators ($B) 2Q19 1Q19 2Q18 investments for business growth, including marketing, and higher compensation and benefits expense, largely offset by improved Average deposits $707.0 $696.9 $687.8 productivity and lower FDIC expense Rate paid on deposits 0.10 % 0.09 % 0.05 % Cost of deposits 1 1.52 1.55 1.56 – Efficiency ratio improved 194 bps to 45% Average loans and leases $296.4 $292.3 $280.7 – Continued investment in financial center builds/renovations, Net charge-off ratio 1.24 % 1.28 % 1.28 % sales professionals, digital capabilities, minimum wage and Consumer investment assets 2 $219.7 $210.9 $191.5 Shared Success programs Active mobile banking users (MM) 27.8 27.1 25.3 – Digital usage increased for sales, service and appointments % Consumer sales through digital channels 25 % 27 % 24 % • Average deposits of $707B grew $19B, or 3%, from 2Q18 Number of financial centers 4,349 4,353 4,433 – 53% of deposits in checking accounts; 92% primary accounts 4 Combined credit / debit purchase volumes 3 $154.3 $141.2 $147.5 – Average cost of deposits of 1.52% 1; rate paid of 10 bps Total consumer credit card risk-adjusted margin 3 7.93 % 8.03 % 7.96 % Return on average allocated capital 36 36 32 • Average loans and leases of $296B increased $16B, or 6%, from Allocated capital $37 $37 $37 2Q18, driven by growth in residential mortgages and small business Efficiency ratio 45 % 45 % 47 % • Consumer investment assets of $220B grew $28B, or 15%, from 2Q18, driven by strong client flows and market performance – $24B of client flows since 2Q18 – Client accounts of 2.7MM, up 7% • Combined credit / debit card spend increased 5% from 2Q18 • 5.7MM clients enrolled in Preferred Rewards; 99% retention Note: ROAAC stands for return on average allocated capital. 1 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits subsegment. 2 Consumer investment assets include client brokerage assets, certain deposit sweep balances and assets under management in Consumer Banking. 3 Includes U.S. consumer credit card portfolios in Consumer Banking and GWIM. 15 4 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit).

Consumer Banking Trends Business Leadership 1 Total Revenue ($B) Total Expense ($B) and Efficiency • #1 Consumer Deposit Market Share A • #1 Small Business Lender B $12 $5 $4.4 $4.3 $4.4 $4.4 $4.4 50% $10.0 $9.7 C $9.2 $9.4 $9.6 • Named North America's Best Digital Bank $4 $9 • 2019 J.D. Power Certified Mobile App 2.9 47% 2.6 2.6 2.5 2.6 • 2019 J.D. Power Certified Website $3 46% $6 45% 45% 45% • #1 Online Banking and Mobile Banking Functionality D 45% $2 • #1 U.S. Checking Account Digital Sales Functionality E $3 6.6 6.8 7.1 7.1 7.1 • 4-Star Rating by Barron’s 2019 Best Online Brokers $1 • #1 Home Equity Originator F $0 $0 40% • #1 in Prime Auto Credit distribution of new 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 originations among peers G • #1 Customer Satisfaction for Retail Banking Advice H Net interest income Noninterest income Noninterest expense Efficiency ratio Average Deposits ($B) Average Loans and Leases ($B) Consumer Investment Assets (EOP, $B) 2 $300 $281 $285 $290 $292 $296 $250 $800 $697 $707 0.20% 20 $220 $688 $688 $687 19 19 20 20 $204 $211 $700 36 35 $191 38 37 37 $200 $186 $600 0.15% 50 51 $200 51 50 50 $500 352 354 357 365 374 $150 $400 0.10% 91 0.10% 92 93 92 0.09% 90 $100 $300 0.07% $100 0.06% $200 0.05% 0.05% 90 94 100 $50 $100 81 86 $0 0.00% $0 $0 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Residential mortgage Consumer credit card Other Checking Rate paid (%) Vehicle lending Home equity Small business / other Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 Consumer investment assets include client brokerage assets, certain deposit sweep balances and assets under management in Consumer Banking. 16

Global Wealth & Investment Management Inc / (Dec) Net income of $1.1B increased 11% from 2Q18; ROAAC of 30% Summary Income Statement ($MM) 2Q19 1Q19 2Q18 • Total revenue, net of interest expense $4,900 $80 $158 – Record pretax margin of 29% Provision for credit losses 21 16 9 • Revenue of $4.9B increased 3% from 2Q18 Noninterest expense 3,458 30 31 – Net interest income improved due to higher interest rates as Pretax income 1,421 34 118 well as growth in deposits and loans Income tax expense 348 8 16 Asset management fees increased 2% driven by the impact Net income $1,073 $26 $102 – of positive AUM flows and higher market valuations Key Indicators ($B) 2Q19 1Q19 2Q18 • Noninterest expense increased 1% from 2Q18, as investments for business growth, including marketing, and higher revenue- Average deposits $253.9 $261.8 $236.2 related incentives were mostly offset by lower amortization of Average loans and leases 166.3 164.4 160.8 intangibles and FDIC expense Net charge-off ratio 0.03 % 0.03 % 0.04 % 1 Client balances of $2.9T, up 5% from 2Q18, driven by higher AUM flows $5.3 $5.9 $10.4 • Pretax margin 29 % 29 % 27 % market valuations and positive net flows Return on average allocated capital 30 29 27 – AUM flows of $5B in 2Q19 1 Allocated capital $14.5 $14.5 $14.5 – Average deposits of $254B increased 7% from 2Q18; included $8B impact due to money market fund conversion last year • Decreased 3% from 1Q19 driven by tax seasonality – Average loans and leases of $166B increased $5B, or 3%, from 2Q18, driven by residential mortgage and custom lending • 1H19 net new Merrill Lynch households increased 45% and Private Bank increased 49% vs. 1H18 • 1H19 Merrill Lynch asset flows as a result of internal referrals are up 17% vs. 1H18 • Merrill Lynch mobile channel usage increased 39% from 2Q18 1 Starting in 2Q19, AUM flows include managed deposits in investment accounts. Historical periods have been revised. 17

Global Wealth & Investment Management Trends Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B) • #1 U.S. wealth management market position $300 across client assets, deposits and loans I $247 $262 $254 $200 $236 $238 $162 $164 $164 $166 • #1 in personal trust assets under management J $161 $150 • #1 in Barron’s U.S. high net worth client assets $200 39 40 41 42 43 (2018) • #1 in Barron’s Top 1,200 ranked Financial $100 41 41 40 39 39 Advisors (2019) $100 • #1 in Forbes’ Top Next Generation Advisors $50 77 79 80 80 82 (2018) and Best-in-State Wealth Advisors (2019) • #1 in Financial Times Top 401K Retirement Plan $0 $0 Advisers (2018) 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 • #1 in Barron’s Top 100 Women Advisors (2019) Consumer real estate Securities-based lending Custom lending Credit card / Other Total Revenue ($B) Client Balances (EOP, $B) 2,3 $6 $3,000 $2,754 $2,841 $2,837 $2,899 $5.0 $2,621 172 $4.7 $4.8 $4.8 $4.9 165 165 167 234 240 168 261 252 269 0.7 0.7 0.9 0.7 0.8 $4 $2,000 1,183 1,170 1,204 1,139 1,072 2.5 2.5 2.5 2.4 2.5 $2 $1,000 1,254 1,292 1,163 1,282 1,314 1.5 1.5 1.6 1.7 1.6 $0 $0 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Net interest income Asset management fees Brokerage / Other Brokerage / Other AUM Deposits Loans and leases Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 Loans and leases include margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. 3 Managed deposits in investment accounts of $44B, $43B, $51B, $38B and $37B for 2Q19, 1Q19, 4Q18, 3Q18 and 2Q18, respectively, are included in both AUM and Deposits. Total 18 client balances only include these balances once. Historical periods have been revised.

Global Banking Inc/(Dec) Summary Income Statement ($MM) 2Q19 1Q19 2Q18 • Net income of $1.9B decreased 9% from 2Q18, largely due to the absence of prior year’s energy reserve releases; ROAAC of 19% Total revenue, net of interest expense 1 $4,975 ($180) ($39) Provision (benefit) for credit losses 125 14 148 • Revenue of $5.0B decreased 1% from 2Q18 Noninterest expense 2,212 (54) 27 – Reflects the benefit of deposit and loan growth, which was Pretax income 2,638 (140) (214) more than offset by the firm’s allocation of ALM activities Income tax expense 712 (38) (29) and loan spread compression Net income $1,926 ($102) ($185) • Total Corporation investment banking fees of $1.4B (excl. self- Selected Revenue Items ($MM) 2Q19 1Q19 2Q18 led) declined 4% from 2Q18 as lower debt underwriting fees were partially offset by higher equity underwriting fees Total Corporation IB fees (excl. self-led) 1 $1,371 $1,264 $1,422 Global Banking IB fees 1 717 709 743 – #1 in U.S. IPOs by both overall volume and number of deals 2 Business Lending revenue 2,059 2,173 2,192 • Provision increased $148MM from 2Q18 to $125MM, primarily Global Transaction Services revenue 2,161 2,164 2,026 driven by the absence of the prior year’s energy reserve releases Key Indicators ($B) 2Q19 1Q19 2Q18 • Noninterest expense increased 1% from 2Q18, due to continued Average deposits $362.6 $349.0 $323.2 investments in the business Average loans and leases 372.5 370.1 355.1 – Efficiency ratio remained at 44% Net charge-off ratio 0.14 % 0.09 % 0.10 % • Average loans and leases of $373B increased 5% from 2Q18, Return on average allocated capital 19 20 21 driven by growth across corporate and commercial clients Allocated capital $41 $41 $41 Efficiency ratio 44 % 44 % 44 % • Average deposit growth of $39B to $363B, or 12%, compared to 2Q18 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 2 Per Dealogic as of July 1, 2019. 19

Global Banking Trends Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B) • North America’s Best Bank for Small to C $373 Medium-sized Enterprises $400 $360 $349 $363 $400 $355 $353 $357 $370 $323 $338 15 • Most Innovative Investment Bank of the Year 17 16 16 15 from North America K $300 $300 45% • Best Transaction Bank in North America K 37% 41% 50% 54% 164 162 166 176 176 • North America’s Best Bank for Financing C $200 $200 • 2018 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash $100 63% 59% 55% $100 Management L 50% 46% 175 174 176 178 182 • Best Global Debt Bank M $0 $0 • Relationships with 79% of the Global Fortune 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 500; 94% of the U.S. Fortune 1,000 (2018) Noninterest-bearing Interest-bearing Commercial Corporate Business Banking Total Revenue ($B) 2 Total Corporation IB Fees ($MM) 2 $6 $5.2 $5.0 $5.2 $5.0 $1,422 $1,371 $4.8 $1,348 $1,264 0.8 0.9 $1,204 0.8 0.7 0.8 303 288 $4 0.8 0.8 0.7 0.7 0.7 262 397 343 290 395 0.7 0.6 0.8 0.7 0.7 307 272 234 $2 874 2.7 2.7 2.8 2.8 2.7 684 699 748 746 $0 (45) (49) (20) (61) (58) 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Net interest income IB fees Service charges All other income Debt Equity Advisory 3 Self-led deals Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 20 3 Advisory includes fees on debt and equity advisory and mergers and acquisitions.

Global Markets Inc/(Dec) Net income of $1.0B decreased 7% from 2Q18; ROAAC of 12% Summary Income Statement ($MM) 2Q19 1Q19 2Q18 • • [ Bullets to come ] 2 Total revenue, net of interest expense 1 $4,145 ($36) ($106) – Excluding net DVA, net income of $1.1B decreased 15% Net DVA (31) 59 148 • Revenue declined 2% from 2Q18; excluding net DVA, revenue Total revenue (excl. net DVA) 1,2 4,176 (95) (254) decreased 6% 2 Provision for credit losses 5 28 6 Reflects lower sales and trading revenue and lower Noninterest expense 2,677 (78) (49) – investment banking fees, partially offset by a gain on sale of Pretax income 1,463 14 (63) an equity investment (excluded from sales and trading Income tax expense 417 4 20 revenue) Net income $1,046 $10 ($83) Net income (excl. net DVA) 2 $1,070 ($34) ($195) • Excluding net DVA, sales and trading revenue of $3.3B decreased 10% from 2Q18 2 1 Selected Revenue Items($MM) 2Q19 1Q19 2Q18 – FICC revenue of $2.1B decreased 8% primarily due to lower Sales and trading revenue $3,242 $3,460 $3,451 client activity across most products Sales and trading revenue (excl. net DVA) 2 3,273 3,550 3,630 Equities revenue of $1.1B decreased 13% primarily due to 2 2,128 2,358 2,316 – FICC (excl. net DVA) weaker performance in EMEA derivatives vs. a stronger year- 2 1,145 1,192 1,314 Equities (excl. net DVA) ago quarter Global Markets IB fees 584 537 651 • Noninterest expense decreased 2% vs. 2Q18, driven by lower Key Indicators ($B) 2Q19 1Q19 2Q18 revenue-related compensation Average total assets $685.4 $664.1 $678.5 • Average VaR remained low at $34MM in 2Q19 3 Average trading-related assets 496.2 474.3 473.1 Average 99% VaR ($MM) 3 34 37 30 Average loans and leases 70.6 70.1 75.1 Return on average allocated capital 12 % 12 % 13 % Allocated capital $35 $35 $35 Efficiency ratio 65 % 66 % 64 % 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 2 Represents a non-GAAP financial measure; see note B on slide 25 and slide 28 for important presentation information. 21 3 See note C on slide 25 for definition of VaR.

Global Markets Trends and Revenue Mix Business Leadership 1 2019 YTD Global Markets Revenue Mix 2019 YTD Total FICC S&T Revenue Mix • #1 Equity Portfolio Trading Share – North (excl. net DVA) 2 (excl. net DVA) 2 American Institutions L • #1 for U.S. FICC Overall Trading Quality and #1 for U.S. FICC Overall Sales Quality L • 2018 Quality Leader in Global Top-Tier Foreign 62% Exchange Sales and Corporate FX Sales L 65% 38% • 2018 Share Leader in U.S. Fixed Income 35% Market Share - #1 Securitized, #2 Emerging Markets L • #1 Municipal Bonds Underwriter N O • #2 Global Research Firm 3 • #1 U.S. Broker for StarMine Analyst Awards P U.S. / Canada International Credit / Other Macro Total Sales & Trading Revenue (excl. net DVA) ($B) 2 Average Trading-related Assets ($B) and VaR ($MM) 4 $4 $496 $3.6 $500 $453 $473 $75 $3.4 $3.3 1.1 1.3 1.1 $50 $43 $2 $250 $34 $30 $25 2.3 2.3 2.1 $0 $0 $0 2Q17 2Q18 2Q19 2Q17 2Q18 2Q19 FICC Equities Avg. trading-related assets Avg. VaR Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported sales & trading revenue was $3.2B, $3.5B and $3.2B for 2Q19, 2Q18 and 2Q17, respectively. Reported FICC sales & trading revenue was $2.1B, $2.1B and $2.1B for 2Q19, 2Q18 and 2Q17, respectively. Reported Equities sales & trading revenue was $1.1B, $1.3B and $1.1B for 2Q19, 2Q18 and 2Q17, respectively. See note B on slide 25 and slide 28 for important presentation information. 22 3 Macro includes G10 FX, rates and commodities products. 4 See note C on slide 25 for definition of VaR.

All Other 1 Inc/(Dec) Summary Income Statement ($MM) 2Q19 1Q19 2Q18 • Net income of $9MM compared to net loss of $349MM in 2Q18 Total revenue, net of interest expense ($504) $127 $33 – Provision benefit increased $136MM from 2Q18, driven by Provision (benefit) for credit losses (241) (187) (136) recoveries from 2Q19 sales of previously-charged off non- Noninterest expense 514 95 (5) core home equity loans Pretax income (loss) (777) 219 174 – Tax rate improved from 2Q18; total corporation tax rate was Income tax expense (benefit) (786) 162 (184) 18% Net income (loss) $9 $57 $358 1 All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as 23 well as a portfolio of equity, real estate and other alternative investments.

Appendix

Notes A Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, limited to U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and are readily available to meet funding requirements as they arise. It does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to certain regulatory and other restrictions. B Revenue for all periods included net debit valuation adjustments (DVA) on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Net DVA gains (losses) were ($31MM), ($90MM), ($179MM) and ($159MM) for 2Q19, 1Q19, 2Q18 and 2Q17, respectively. Net DVA gains (losses) included in FICC revenue were ($30MM), ($79MM), ($184MM) and ($148MM) for 2Q19, 1Q19, 2Q18 and 2Q17, respectively. Net DVA gains (losses) included in Equities revenue were ($1MM), ($11MM), $5MM and ($11MM) for 2Q19, 1Q19, 2Q18 and 2Q17, respectively. C VaR model uses historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Using a 95% confidence level, average VaR was $19MM, $21MM, $17MM and $23MM for 2Q19, 1Q19, 2Q18 and 2Q17, respectively. 25

Sources A Estimated retail consumer deposits based on June 30, 2018 FDIC deposit data. B FDIC, 1Q19. C Euromoney, July 2019. D Dynatrace 2Q19 Online Banker Scorecard and 1Q19 Mobile Banker Scorecard; Javelin 2019 Online and Mobile Banking Scorecards. E Forrester 2018 Banking Sales Wave: U.S. Mobile Sites. F Inside Mortgage Finance, 1Q19. G Experian Autocount; Franchised Dealers; Largest percentage of 680+ Vantage 3.0 originations among key competitors as of April 2019. H J.D. Power, January 2019. I U.S.-based full-service wirehouse peers based on 1Q19 earnings releases. J Industry 1Q19 call reports. K The Banker, 2018. L Greenwich, 2018. M Global Finance, 2018. N Thomson Reuters, 2018. O Institutional Investor, 2018. P Refinitiv, 2019. 26

Forward-Looking Statements Bank of America Corporation (the “Company”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Company’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Company’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Company’s 2018 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings: the Company’s potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the possibility that the Company’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures; the possibility that the Company could face increased servicing, fraud, indemnity, contribution, or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; the Company’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; the risks related to the discontinuation of the London InterBank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Company’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies, including tariffs, and potential geopolitical instability; the impact of the interest rate environment on the Company’s business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the Company’s ability to achieve its expense targets and expectations regarding net interest income, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Company’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Company’s assets and liabilities, including the Company’s merchant services joint venture; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards, including the new credit loss accounting standard; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Company’s capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs Act; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks; the impact on the Company’s business, financial condition and results of operations from the planned exit of the United Kingdom from the European Union; the impact of a federal government shutdown and uncertainty regarding the federal government’s debt limit; and other similar matters. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. 27

Important Presentation Information • The information contained herein is preliminary and based on Company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided. • The Company may present certain key performance indicators and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) which result in non-GAAP financial measures. The Company believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in the earnings press release for the quarter ended June 30, 2019 and other earnings-related information available through the Bank of America Investor Relations website at: http://investor.bankofamerica.com. • The Company views net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. The Company believes managing the business with net interest income on an FTE basis provides investors with a more accurate picture of the interest margin for comparative purposes. The Company believes that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $149MM, $153MM, $155MM, $151MM and $154MM for 2Q19, 1Q19, 4Q18, 3Q18 and 2Q18, respectively. • The Company allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The Company's internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. 28